Expanded Version: The Us Economy Has Not Recovered and Will Not Recover – PaulCraigRoberts.org

The US economy died when middle class jobs were off-shored and when the financial system was deregulated.

Jobs offshoring benefited Wall Street, corporate executives, and shareholders, because lower labor and compliance costs resulted in higher profits. These profits flowed through to shareholders in the form of capital gains and to executives in the form of “performance bonuses.” Wall Street benefited from the bull market generated by higher profits.